Jabal Omar Development Co. — Interim / Quarterly Report 2020

Aug 24, 2020

Jabal Omar Development Co. announces its Interim Financial Results for the Period Ending on 2020-06-30 ( Six Months )

4250 · 24/08/2020 15:35:50 · Announcement #60183 · View on Saudi Exchange

Jabal Omar Development Co. announces its Interim Financial Results for the Period Ending on 2020-06-30 ( Six Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	1.39	297.03	-99.532	179.39	-99.225
Gross Profit (Loss)	-119.01	84.17	-	-24.2	391.776
Operational Profit (Loss)	-211.75	188.2	-	-41.47	410.61
Net Profit (Loss) after Zakat and Tax	-465.18	29.75	-	-217.25	114.121
Total Comprehensive Income	-465.18	29.75	-	-217.25	114.121
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	180.78	474.64	-61.912
Gross Profit (Loss)	-143.21	72.62	-
Operational Profit (Loss)	-253.22	364.79	-
Net Profit (Loss) after Zakat and Tax	-682.43	31.37	-
Total Comprehensive Income	-682.43	31.37	-
Total Share Holders Equity (after Deducting Minority Equity)	8,538.43	9,643.83	-11.462
Profit (Loss) per Share	-0.73	0.03
All figures are in (Millions) Saudi Arabia, Riyals

	Accumulated Losses	Capital	Percentage %
	864.08	9,294	9.3
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to	The reason for the net loss incurred for current quarter compared to the same quarter of the previous year is attributed to

1 - Significant decrease in revenue because operations of Hotels and Commercial mall were shut-down (March 2020 to June 2020) due to the precautionary measures taken to limit the spread of the Coronavirus pandemic.

2 - Decrease in other income due to decline in fair value of investments

3 - Increase in allowances for expected credit losses

4 - Increase in financial charges due to decrease in capitalization of borrowing costs, mainly attributable to suspension of development activity due to outbreak of COVID-19

It should be noted that the above negative results were partially offset by a decrease in general and administrative expenses, selling and marketingIncrease (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The reason for increase in net loss for current quarter compared to the previous quarter is attributed to

1 - Significant decrease in revenue because operations of Hotels and Commercial mall were shut-down (March 2020 to June 2020) due to the precautionary measures taken to limit the spread of the Coronavirus pandemic..

2 - Decrease in other income due to decline in fair value of investments

3 - Increase in allowances for expected credit losses

4 - Increase in financial charges due to decrease in capitalization of borrowing costs, mainly attributable to suspension of development activity due to outbreak of COVID-19

It should be noted that the above negative results were partially offset by a decrease in general and administrative expenses, selling and marketingIncrease (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to The reason for the net loss incurred for current period compared to the similar period of the previous year is attributed to

1 - Significant decrease in revenue because operations of Hotels and Commercial mall were shut-down (March 2020 to June 2020) due to the precautionary measures taken to limit the spread of the Coronavirus pandemic.

2 - Decrease in other income due to decline in fair value of investments

3 - Increase in allowances for expected credit losses

4 - Increase in financial charges due to decrease in capitalization of borrowing costs, mainly attributable to suspension of development activity due to outbreak of COVID-19

It should be noted that the above negative results were partially offset by a decrease in general and administrative expenses, selling and marketingBasis of the External Auditor's Opinion Emphasis of Matter paragraphModification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion We draw attention to Note 1 of the condensed consolidated interim financial statements, which indicates that the Group incurred a net loss of SR 0.68 billion during the six months period ended 30 June, 2020 and, as of that date, the Group’s current liabilities exceeded its current assets by SR 2.17 billion. As stated in Note 1, these events or conditions, along with other matters as set forth therein, indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. Our conclusion is not modified in respect of this matterReclassification of Comparison Items Not applicableAdditional Information Reference to the announcement of Jabal Omar Development Company on the Tadawul website on July 25, 2019 regarding the preliminary financial results for the period ending on 30-06-2019 (six months), where the announcement included achieving a net profit of 30,048,576 Riyals for the three-month period ending on 30-06-2019 and this amount It includes 296,765 Riyalsthe profit of the non-controlling interests in the consolidated statement of profit and loss and comprehensive income for the three-month period ending on June 30, 2019, as well as achieving a net profit of 31,610,319 Riyals for the six months ending on 30-06-2019 and this amount includes 240.985 the profit of the non-controlling interests in the profit statement Consolidated loss and comprehensive income for the six months ended 30 June 2019

Loss of Non-controlling interests in the consolidated statement for profit or loss and other comprehensive income for the three month period ended 30 Jun 2020 an amount SAR 142,795 ( Compared to profit an amount 296,765 SR for the three monthperiod ended 30 Jun 2019)Loss of Non-controlling interests in the consolidated statement for profit or loss and other comprehensive income for the period ended 30 Jun 2020 an amount SAR 195,797 ( Compared to profit an amount 240,985 SR for the period ended 30 Jun 2019)

The accumulated losses for the period ended 30 Jun 2020 amounted to 864,082,163 riyals, equivalent to 9.30% of the company's capital.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.